异质性机构投资者差异化作用于双元创新投资吗——基于注意力基础观与市场迎合理论双重视角  

Does the Heterogeneity of Institutional Investors Translate into the Dual Innovation Investment of Enterprises?From the Perspective of Attention-based View and Market Catering Theory

作　　者：邵剑兵[1] 李娜 Shao Jianbing;Li Na(Business School,Liaoning University,Shenyang 110036,China)

机构地区：[1]辽宁大学商学院,辽宁沈阳110036

出　　处：《科技进步与对策》2022年第5期105-116,共12页Science & Technology Progress and Policy

基　　金：国家社会科学基金项目(18BGL081);辽宁大学学术型研究生科研创新计划项目(21GIP004)。

摘　　要：基于2011-2020年沪深A股高新技术企业样本,探究公司治理框架下异质性机构投资者对企业双元创新投资的差异化作用机理,得出如下结论:①异质性机构投资者对于双元创新投资具有差异化影响,其中,专注型机构投资者更有利于双元创新投资;②专注型机构投资者影响决策者注意力资源配置,使其更注重探索性创新投资,临时型机构投资者基于市场迎合动机作用于开发性创新投资,且当管理层业绩和外部监管压力较大时,其对开发性创新投资的迎合动机更明显;③专注型机构投资者通过监督和激励管理层、提升企业风险承担水平作用于企业双元创新投资,临时型机构投资者通过丰富投资者情绪作用于开发性创新投资未得到验证;④产业政策有助于增强专注型机构投资者对决策者注意力的影响,使其更专注于探索性创新投资,同时也有助于提高临时型机构投资者的开发性创新迎合投资动机。研究结论为理解机构投资者差异化治理角色提供了一种新视角。The fifth Plenary Session of the 19th CPC Central Committee emphasizes the central role of innovation in China's modernization,identifies self-reliance and self-improvement in science and technology as strategic support for China's development,and outlines the blueprint of the 14th Five-Year Plan and 2035 vision.At present,China's innovation development is characterized by"emphasizing quantity over quality",the overall efficiency of innovation activities is not high,and most enterprises focus on single exploratory innovation or development innovation.In addition,western countries led by the United States block China's key technologies under the pretext of national security threats,and China's high-tech industry is facing threats and challenges to climb to the high end of the global value chain.Therefore,Chinese enterprises need to further promote independent innovation,balance their own"dual"capabilities,and get rid of excessive dependence on foreign advanced technology.Institutional investors have good advantages in information integration,professional knowledge and relevant experience,and their dual roles of"internal important shareholders"and"external supervisors"are becoming increasingly obvious.The role of institutional investors in enterprise innovation has attracted the attention of practical and academic fields.Based on shareholder activism and principal-agent theory,some researches focus on the impact of shareholder activism on homogeneous innovation investment,but lack of discussions on the relationship between institutional investors and dual innovation investment.This paper takes Shanghai and Shenzhen A-share high-tech enterprises from 2011 to 2020 as the research samples.Firstly,according to The Administrative Measures for the Recognition of High-Tech Enterprises,industries with low scientific and technological level are eliminated.Secondly,this paper matches the eight industries involved in the identification management measures with the industry standards of the CSRC,and finally it selects ten indu

关 键 词：异质性机构投资者 双元创新投资 注意力基础观 产业政策 市场迎合 

分 类 号：F273.1[经济管理—企业管理]